Professional Documents
Culture Documents
Madam Speaker!
I have the honor to be the first woman in the history of Pakistan to present
a budget before the august House. It is indeed the privilege of the Pakistan
People’s Party to have given the country its first woman Prime Minister,
Mohtarma Benazir Bhutto Shaheed. The People’s Party also has the singular
honour of nominating the first woman Speaker of the National Assembly in
Pakistan. These are important milestones in our quest for women empowerment
and gender equality.
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Madam Speaker!
Madam Speaker!
3. Our armed forces are in the forefront of the war against terror and in
fighting insurgency in the country. Our western border is most volatile and faces
the brunt of insurgency. The President of Pakistan has been pleased to announce
an increase in the allowances of the personnel of armed forces deployed in the
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western theatre, equal to one month’s basic pay with effect from 1st July, 2009.
He has further announced that this benefit be extended to the entire armed forces
from 1st January, 2010. The government is in complete support of the President’s
decision. Today, the nation stands behind our valiant armed forces. No amount
of compensation is adequate enough to cover the risk to one’s life. I hope this
small gesture on the part of the government helps in building the morale of our
jawans and officers in the war against terror.
Madam Speaker!
4. While presenting last year’s budget the government had given a detailed
account of the economy as was inherited by us from the previous government. We
had highlighted that our economy could not sustain a high level of artificial
growth. We had presented that sustainable growth was only possible through
investments in the real sectors of the economy that is, agriculture and industry.
These, unfortunately, were neglected in the past. Instead growth was fuelled
through high consumption and extensive luxury imports and those too financed
through external borrowings. No wonder the fiscal deficit mounted to 7.6% of
GDP, the current account deficit became unmanageable, there was a run on
foreign exchange reserves and the stock market crashed. More importantly,
inflation started to rise steeply and peaked at 25% in October 2008. In the face of
these developments the economy suffered but the poor of Pakistan suffered the
most.
Madam Speaker!
5. Surely this state of affairs was intolerable! The government reacted to this
by formulating a Nine Point Agenda of economic and social recovery. The first
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pillar of our agenda was to stabilize the economy. As a result of our efforts, the
fiscal deficit would decrease by 3.3 percentage points in 2008/09.. The current
account deficit was brought down from a high of 8.5% in 07-08 to 5.3% of GDP
inflation is the best recipe for reducing poverty. Through the efforts of your
Madam Speaker!
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Madam Speaker!
Madam Speaker!
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9. The budget 2009-10 has been prepared to obtain the twin purposes of
stabilization with a human face and growth with equity. I would wish to clarify as
to what stabilization means. Stabilization is essentially an expression which
advises households, organizations and governments to live within their means.
Surely, this is what we all want. And if additional resources become available we
need to use these to obtain the best dividend for our people. As a measure of
support towards attaining a reasonable growth target the total expenditure,
including Provinces, is estimated at Rs. 2897.4 billion. The total revenue is
estimated at Rs. 2174.9 billion. The overall fiscal deficit of Rs. 722.5 billion
would be 4.9% of the GDP. This deficit would be met through external financing
of Rs 264.9 billion and domestic financing of Rs. 457.6 billion. Pakistan is likely
to receive external resources equivalent to 1.2% of its GDP (Rs. 178 billion) from
pledges made in the Donors’ Conference at Tokyo. We further expect resources
equivalent to 0.3% of the GDP (Rs. 48 billion) for expenditure on internally
displaced persons. In essence the real deficit would be 3.4% of the GDP.
Madam Speaker!
10. The core budget of the federal government estimates net revenues of Rs
1377.5 billion with a current expenditure of Rs 1699.19 billion. The development
expenditure (including Provinces) is estimated at Rs. 783.1 billion against the
revised estimates of Rs. 421.9 billion, an increase of 85%. This increase is
unprecedented. The Public Sector Development Programme approved by the
National Economic Council is pitched at Rs. 626 billion in BE 2009-10 against
Rs. 359 billion in RE 2008-09. It is expected that full utilization of the
development allocation would strongly assist in revival of growth.
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Madam Speaker!
11. May I offer a note of caution at this stage. Pakistan has one of the lowest
tax to GDP ratios in the world. In the outgoing year we were only able to attain
tax revenues equivalent to 9% of our GDP. We expect to improve our tax to GDP
ratio by 0.6% in the next financial year. Allow me to state that if we as a nation do
not imbibe the tax culture, if each citizen capable of paying tax does not do so,
Pakistan shall never be able to stand on its own feet. It is, therefore, imperative
that each one of us as a citizen of this great country meets his or her tax
obligation. While government would be undertaking deep rooted reforms in tax
policy and its administration, success of any initiative would hinge on the support
given by the entire nation. We have to broaden our tax base; there is no escape
from this reality.
Madam Speaker!
Provide protection to the poor and vulnerable against the current economic
downturn;
Broaden the tax base instead of overburdening the existing taxpayers; and
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Madam Speaker!
13. As a measure to broaden the tax base we had desired that the provinces
bring additional services into the net of sales tax. We had also desired that the
provinces impose capital gains tax on immovable property. This would have
marked a beginning towards further broadening of the tax base. However, the
provinces would much rather wish to discuss these issues in meetings of the
National Finance Commission. While we respect the decision of the provinces
none-the-less measures would be taken in the Budget 2009/10 to bring additional
services into the excise net as well as continue with Capital Value Tax. On
reaching agreement with the provinces in the NFC discussions, the Capital Value
Tax as well as excise on services would be considered for replacement by
provincial taxation on these subjects.
Madam Speaker!
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Madam Speaker!
During the Fiscal Year 2009/10 real GDP is expected to grow by 3.3 percent
and by 4 and 4.5 percent during Fiscal Years 2010/11 and 2011/12,
respectively.
This will be contributed by sectoral growth rates of agriculture amounting to
3.8 percent; manufacturing totaling to 1.8 percent; and services contributing
3.9 percent.
For Fiscal Year 2009/10 the inflation target is 9.5 percent, which will be
brought down to 7 and 6 percent during Fiscal Years 2010/11 and 2011/12,
respectively.
A targeted decrease in current expenditure to 15.3 percent of GDP in FY
2009/10 and 14.7 percent of GDP in 2010/11, owing to elimination of
unproductive subsidies is planned in order to maintain the fiscal deficit at
sustainable levels.
The Government is going to take all necessary measures to ensure
documentation of the economy and broadening of the tax base in order to shift
reliance on domestic resource mobilization.
Total revenue will grow by 15.7 percent and Federal Board of Revenue
collection is projected to grow by 16.8 percent.
Tax to GDP ratio will be 9.6 percent, with measures, as against 9 percent
during Fiscal Year 2008/09.
Revenue as a percentage of GDP is projected at 14.7 percent in Fiscal Year
2009/10 and will increase to 15.1 percent during Fiscal Year 2010/11.
Madam Speaker!
15. The previous government pursued a policy of trickle down, expecting that
the benefits of growth would automatically reach the poor. The flaw in this
strategy was that the rich became richer and the poor became poorer. Our
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government is tackling the issue of poverty by launching a frontal attack against
it. Our efforts at poverty-reduction aim to eliminate poverty.
16. As a tribute to our leader, Shaheed Mohtarma Benazir Bhutto, who laid
down her life for democracy, the introduction of the government’s flagship
programme, named ‘Benazir Income Support Programme’ to provide direct cash
transfers to the poor, is proof of its commitment to reach out to the most
vulnerable to share their burden and ease their misery as much as possible.
Following our Quaid, Shaheed Zulfiqar Ali Bhutto’s words, ‘The Masses Will
Rule’.
Madam Speaker!
17. The conception behind the Benazir Income Support Programme was not
only providing financial assistance to the needy but also to ensure women
empowerment and child care. During Fiscal Year 2008/09, Rs 22 billion was
distributed to 1.8 million beneficiaries. During fiscal year 2009/10, it is proposed
to increase the allocation of BISP to Rs 70 billion. Madam Speaker, this would
constitute more than 200 percent increase; I repeat more than 200 percent increase
over the last year’s distribution. Five million families would benefit from this
increase in the coming financial year. A programme for the Internally Displaced
Persons has also been started by Benazir Income Support Programme wherein the
Internally Displaced families are being identified and cash grants are being paid to
them on regular basis.
18. In the short to medium term, the Benazir Income Support Programme will
also serve as a platform for complementary social assistance programmes, the
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main being health insurance for the poor and the vulnerable. This will cover full
hospitalization, pregnancy, daycare treatment, diagnostic tests and accident
compensation for earning members of the family to a maximum limit of Rs
25,000/- per family per year. In addition, cash transfer programmes will be
complemented to promote household independence via various poverty exit
strategies, which can help to upgrade the poor beneficiaries to the level of self-
sufficiency by various means including transition to Conditional Cash Transfers;
training and employment of one person per household; and provision of workfare
through small public works under a social mobilization programme initiatives.
The latter programme is based on the concept of small development schemes for
construction of paved streets and water and sanitation facilities at the local level
with help of community contribution.
Madam Speaker,
20. The government also plans to bring in legislation during the next financial
year for creating a social security protection programme for the haris. It is the
firm resolve of the government to mainstream the marginalised haris, provide
them with social protection available to other labour in the country and to make
them proud citizens of Pakistan.
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21. The government also plans to revamp the Ministry of Social Welfare by
replacing it by a Ministry of Social Protection and Development in order to
provide a common platform for safety nets and enhanced institutional capacity for
social service delivery.
Madam Speaker!
22. This programme covers basic areas like provision of electricity, gas, farm
to market roads and water supply. An allocation of Rs 35 billion is proposed in
the Fiscal Year 2009/10 for this purpose. This will create sizable employment
opportunities and, therefore, will increase the incomes of the less privileged.
Workers Welfare
Madam Speaker!
• For the Fiscal Year 2009/10, an amount of Rs 10.8 billion has been
allocated for different Worker Welfare development schemes in the
housing, health, education and technical education sectors. Quota has been
abolished with the result that every worker will now be provided marriage
grants irrespective of number of daughters. The rate of marriage grant has
been increased from Rs 50,000 to Rs 70,000 per daughter. Construction of
9,469 housing units and flats for industrial workers is also proposed.
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• The President of Pakistan has directed to take necessary measures for
empowerment of employees of State Owned Enterprises through their
representation on the respective Boards by transferring 12 percent shares
to employees in order to revamp privatization process.
Microfinance
Housing
Madam Speaker!
23. Our founder leader Shaheed Zulfiqar Ali Butto’s vision and
foresightedness identified four decades ago that housing is the basic necessity and
raised the slogan of Roti, Kaprha Aur Makan.
24. We, being the followers of Shaheed Zulfiqar Ali Bhutto, have taken the
following initiatives to turn the dream of our leader into a reality.
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• For facilitation of working journalists, the Ministry of Information &
Broadcasting managed to reserve a good number of residential plots in
Islamabad for them.
• In this budget, tax credit limit on interest paid on loans for construction of
a new house or acquisition off a house is proposed to be enhanced from Rs
500,000 to 750,000.
Madam Speaker!
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would continue with this pricing policy. Other areas of support for agriculture
and livestock would be through:
more productive use of water through precision land leveling and high
efficiency irrigation systems;
In addition:
Establishment of ten model agricultural union councils for each major crop
across the country will be undertaken;
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Madam Speaker!
27. Interventions made in this light have already started providing dividend in
the shape of record production of major food crops like wheat and rice. The
policy measures undertaken by the government have led to an estimated transfer
of resources of about Rs 294 billion in to the rural economy. Government has
made an agreement with Ms Monsanto of United States of America to formally
introduce Generally Modified cotton into Pakistan on fast track basis. It has been
planned that the farmers will be offered BT cotton hybrids varieties during Fiscal
Year 2009/10. It is the vision of the government to treat livestock, agriculture and
fisheries as an industry. In this context, the nil customs duty regime on tractors,
poultry inputs and cattle feed would be continued in future.
Madam Speaker!
28. To boost production of crops and improve water use efficiency, a major
initiative of ‘National on Farm Water Management Programme’ was implemented
by the Ministry of Food and Agriculture.
29. Water sector has been allocated Rs 60 billion, which comes to 14 percent
of the total federal progamme. A total of 32 small and medium dams, 8 in each
province are being financed. Similarly, adequate allocation has been made to
projects such as National Programme of Watercourses, irrigation system,
rehabilitation, lining of canals, and distribution, etc. Improved water management
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efforts under the PSDP for Fiscal Year 2009/10 to raise agricultural productivity
will involve allocations of:
several projects in all the provinces with allocations of Rs 15 billion for canal
improvement and rehabilitation of irrigation system
Madam Speaker!
30. For Fiscal Year 2009/10 the strategy adopted is to complete ongoing mega
projects side by side with construction of small/medium dams. The Government
has launched a massive programme of water resource development and is
earmarking an amount of Rs 47 billion in the PSDP for Fiscal Year 2009/10.
Major water sector irrigation projects being completed in the water sector include
raising of Mangla Dam, Gomal Zam, Dam and Satpara Dam. Preparatory works
on Basha, Akhori, Mujda, Naigaj Dam have been initiated. Kachi Canal in
Balochistan and Rainee Canal in Sindh will be completed in mid 2010.
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Madam Speaker!
33. To assist small farmers the Government is launching the Benazir Tractor
Scheme costing over Rs 4 billion over two years.
Madam Speaker!
36. In Fiscal Year 2009/10 the Government plans to initiate new programmes
like commercialization of the seed sector in order to enhance high quality supply
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through setting up an industry on the concept of Public Private Partnerships and
diverting major investments in building and strengthening infrastructure in the
sector.
Madam Speaker!
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b. ‘Poverty Reduction through Small Holders Live Stock and Dairy
Development’ worth Rs 3,539.13 million, from which an amount
of Rs 400 million will be allocated in Fiscal Year 2009/10;
Fisheries
Madam Speaker!
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Madam Speaker!
Financial Measures:
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• For citizens who lack equity financing, a Venture Capital Fund of Rs
10 billion is also proposed to be established which shall be financed in
the same manner as the SME Credit Guarantee Fund. A provision of
Rs 2.5 billion has again been proposed for this fund in Budget
2009/10.
• The budgetary allocation for Science & Technology has doubled from
Rs 1,510 million in FY 2008/09 to Rs 3,140.4 million during FY
2009/10.
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• Cellular service providers have been provided the following relief:
o Elimination of Regulatory Duty of Rs 250/- per set.
o Reduction in Customs Duty from Rs 500/- per set to Rs 250/- per
set.
o Reduction in Excise Duty from 21 percent to 19 percent.
o Sim activation charges reduced from Rs 500/- to Rs 250/-.
• Zero rating duty on exports sector will continue this year as well.
Madam Speaker!
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• Large Export Houses would be established to support the export
industry.
• The Industrial Relations Act 2008 has been passed by the Parliament
to improve the labor-owner relationship regime.
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• Custom duty is proposed to be reduced on a number of items to
provide cheaper raw materials to different sectors like poultry, dairy,
fish processing and pharmaceuticals. Adequate protection is also
proposed to be given to local industry.
Madam Speaker!
43. Uninterrupted supply of energy is not only the need of the citizens but of
all sectors of the economy. The industrial sector has already been hit very badly
in the outgoing financial year. Prime Minster’s Economic Advisory Council has
developed an integrated energy plan to cater for the short, medium and long term
energy needs of the country. This is the first ever integrated energy plan of
44. Government is well aware of the problems that have arisen in the wake of
energy crisis in the country. The previous regime’s short sighted policies handed
over its legacy in the form of abrupt powers shortages, load shedding and
improve energy scenario of the country to give impetus to our agriculture and
industrial sector
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Madam Speaker!
45. In this light, PSDP allocations for the power sector will be increased by
100 percent, from Rs 11.4 billion in Fiscal Year 2008/09 to Rs 22.8 billion during
Fiscal Year 2009/10.
46. The previous Government left a huge backlog of circular debt in the
energy sector. A total lack of decision making to address this issue in a timely
manner on the part of the previous government has left the present government
with a huge challenge. We have not shied away from our responsibility. In this
regard the government has taken up the challenge to resolve the issue of circular
debt which has reduced the efficiency of the energy sector. In order to improve
the liquidity position of the power sector, the Government/ specially created
holding company:
will assume the entire bank loan liabilities of Rs 216 billion and pay the
markup on these loans from budgetary resources;
has decided to pick up the entire past arrears of PEPCO against FATA
consumers to the tune of Rs 80 billion and pay the current electricity bill
of FATA; and
will help PEPCO to clear its outstanding receivables from federal and
provincial government departments and entities, mainly KESC and
KW&SB.
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47. Projects have been undertaken to reinforce the transmission and
distribution systems to minimize power losses and outages so as to provide a
stable and reliable supply to consumers. Currently 15 Independent Private Power
Houses with a total capacity of 2,921 Megawatts are in different stages of
development. Out of these, 9 projects for 1,861 Megawatts will be commissioned
in 2009; 4 projects for 776 Megawatts will be completed in 2010; while 2 projects
for 284 Megawatts are due for completion in 2011.
Madam Speaker!
49. The Government has also made an elaborate plan for electrification of all
villages where electricity can be extended from grid supply. This was achieved in
6,419 new villages last year.
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51. Other major activities proposed to be undertaken in the Fiscal Year
2009/10 include:
induction of two hydro projects i.e. Khan Khwar & Jinnah Hydro, with
total capacity of 168 Megawatts;
52. The PSDP allocation of Rs 4,000 million for FY 2009/10 has been made
for the 4,500 Megawatts Diamer Basha Dam Project. Construction of more than
30 small and medium Dams in different provinces has also been funded.
54. The government has determined the ideal policy mix for energy needs of
Pakistan. These are hydel, coal, wind and solar. A comprehensive renewable
energy policy is being formulated. The following steps are being taken in FY
2009-10:-
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Solar Water Heaters Programme;
Madam Speaker!
Education
Madam Speaker!
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Improving utilization of resources by educational institutions;
(ii) Education for All through providing missing facilities to primary schools.
(Rs 2 billion)
Health
Madam Speaker!
57. The health strategy has been constructed on the key principles of equity,
universal access to essential healthcare, timeliness, results, accountability, strong
leadership and strategic coordination of the overall effort. The Strategy envisages
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addressing special needs of the vulnerable population, especially women and
children particularly in the rural areas. The health sector continued to remain the
focus of attention of the elected Government during Fiscal Year 2008/09 and
received a special thrust in terms of enhanced PSDP allocation and initiation of a
number of new projects aimed at improving the health of the nation.
Allocations for health under the PSDP have increased by 66 percent, from Rs
13.99 billion in Fiscal Year 2008/09 to Rs 23.15 billion during Fiscal Year
2009/10.
The Prime Minster’s Emergency Action Plan for disease has been launched
and will cost Rs 11 billion in the next five years.
Zero rate sales tax on import and supply of wheelchairs for the special people
is proposed.
Madam Speaker!
58. Clean drinking water is the first line of defense in protecting public health.
The Clean Drinking Water Project is a promising initiative for the masses prone
to waterborne diseases. The work for installation of filtration plants is going on
and about 600 plants have been operationalized till now.
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59. It is proposed that 3,500 plants will be installed one in each union council
by end of Fiscal Year 2009/10 for which an amount of Rs 6 billion is being
allocated. Besides providing safe drinking water, the project will also create
sufficient job opportunities contributing to reduction in unemployment.
60. The budget for environmental protection has been increased from Rs 1.14
billion in Fiscal Year 2008/09 to Rs 2.96 billion for Fiscal Year 2009/10. This
amount will be spent on forestry; environment friendly public transport and on
provision of clean drinking water.
Gender Equality
Madam Speaker!
61. Pakistan has also expressed its commitment to gender equality and
equitable development in many international forums and conventions including
Convention on the Elimination of all Forms of Discrimination against Women
and the Beijing Platform for Action. In order to advance the goal of gender equity
in the process of implementing socio-economic policies, the Federal Budget for
Fiscal Year 2008/09 showed a hefty increase in budgetary allocations for women
specific expenditures amounting to Rs 44.7 billion compared to Rs 7.7 billion
during Fiscal Year 2007/08.
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social sectors, are the main recipients and sources of gender specific allocations,
with the Benazir Income Support Programme also having emerged as a key
source of growth in gender targeted allocations. Targeted and pro-women
allocations in the federal budget with the intention to bridge the gap between men
and women in acquiring access to basic service is surely a commendable policy.
Gender mainstreaming project is being run at the Planning Commission and an
engendering budget exercise is being also carried out under the Medium Term
Budgeting Framework in the Ministry of Finance.
Human Rights
Madam Speaker!
64. Steps are being taken to establish “Benazir Shaheed Human Rights Fund”
and the bill for creation of the National Commission of Human Rights has been
tabled on floor of the House. The Board of Governors of the Women Distress and
Detention Fund has been reconstituted. The Provinces are being requested to
allocate their share in the fund. We have distributed cheques to eligible petitioners
out of the Relief and Revolving Fund to redress their grievances.
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Youth Affairs, Culture and Sports
Madam Speaker!
65. Youth is the most important asset of our country, particularly at this stage
when we are endeavouring to rapidly modernize and introduce technological
innovation. They can play an important role in the decision making process for
development of the country. During the fiscal year 2009/10, following initiatives
have been envisaged,
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IX. GOVERNANCE FOR A JUST AND FAIR SYSTEM
Madam Speaker!
66. Improved ‘Governance’ is a must for a just and fair system. The manner in
which public institutions and officials acquire and exercise authority to shape
public policy and provide public goods and services is at the crux of our agenda.
Political instability, corruption, volatile law and order situation and inadequate
infrastructure have all left a detrimental impact on Pakistan’s business
environment. Autonomous institutions are needed, capable of outlasting their
creators and resisting capture by individuals lusting for power and money. They
must so function as to inspire confidence, which means that they must protect the
rights of society against the exercise of arbitrary power.
Madam Speaker!
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• Establishment of Public Defender and Free Legal Aid System across the
country;
• Establishment of Fast Track and Evening Courts at the federal level and
provincial headquarters; and
Madam Speaker!
Making public sector the ultimate choice for talent, in other words
‘Employer of choice’;
Madam Speaker!
69. We realize that the government servants are not adequately paid. In order
to revise the compensation package a Pay and Pension Commission has already
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be constituted. During the course of the year, we would be benefited by the
recommendations of the said Commission. However, to compensate government
servants, I have the pleasure to announce:
• The retired government servants and armed forces personnel will also get
15% increase in their net pension from 1st July 2009
70. In addition:
• Limit for the exemption on Income Tax for salaried male is being
enhanced from Rs 180,000 to Rs 200,000
• Limit for the exemption on Income Tax for salaried female is being
enhanced from Rs 240,000 to Rs 260,000
• Senior citizens will now enjoy 50 percent relief in their tax liability in case
of income upto Rs 750,000/-; previously this limit was upto Rs 500,000/-.
71. The government would also take measures during the next financial year
to undertake the following actions in its drive towards governance reforms:
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• Public sector enterprises including Pakistan Railways, Pakistan Steel
Mills, Pakistan International Airlines and the Power Distribution
Companies would undergo financial reforms to improve their
management and service delivery.
Madam Speaker!
73. The present government has constituted the National Finance Commission
which would be convened immediately in the next financial year. It is our belief
that decision making on financial matters relating to the distribution of resources
between the federation and the provinces need to be addressed in an institutional
manner. This notwithstanding, we have made efforts to increase the share of the
provinces in the divisible pool of taxes alongwith special grants from the existing
47.5% to 49% during fiscal year 2009-10. On a cumulative basis the provinces
would receive federal transfers in excess of Rs 708.1 billion against Rs 600
billion in the last financial year, an increase of 18%.
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National Assembly Secretariat, Provinces
and Parliamentary Affairs and Opposition
Madam Speaker!
The Defence Budget was presented in the Parliament for the first time
after 1964;
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Taxation Proposals
Madam Speaker!
75. Allow me to give you the highlights of taxation proposals for the year
2009/10. I have already presented the important fiscal incentives for the different
sectors of the economy. Allow me to add that the tax measures being proposed by
the government are fair and equitable guided by the principle of “ability to pay”,
set in the context of an economy fighting a war.
76. Excise duty on petroleum products is being levied in the shape of a carbon
surcharge which would eliminate the existing petroleum development levy. This
would ensure transparency in the pricing of petroleum products, curb
consumption, save foreign exchange and reduce carbon emissions.
77. In order to discourage consumption of cigarettes excise duty and sales tax
on cigarettes is proposed to be enhanced. This would generate estimated revenues
of Rs 15 billion.
78. As a revenue measure and to broaden the tax base, FED in VAT mode is
proposed to be levied on the following additional services:
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79. It is proposed to enhance the rate of withholding tax on imports of
commercial nature from 2% to 4%. This measure would result in estimated
revenue of Rs 23 billion.
80. Following the policy of broadening the tax base and putting the burden on
those who can bear it, it is proposed to enhance the rate of Capital Value Tax on
property from 2 to 4 percent. Government intends to adopt effective measures to
ensure its collection. It is estimated to generate revenues of Rs 15 billion.
81. To help the internally displaced persons, it is proposed to levy for a single
year:
82. It is proposed to levy a Minimum Tax under section 113 of the Income
Tax Ordinance 2001 on the income of a resident company, provided that this will
not be applicable to a company which has declared gross loss before set off of
depreciation and other inadmissible expenses under the Ordinance.
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Madam Speaker!
84. What the nation and the people need now is a guarantee for permanence in
policy, permanence in ideology and permanence in approach which cannot be
found in elusiveness. Our power is the power of the people. Our founding
father, Quaid-e-Azam, Mohammed Ali Jinnah pledged that Pakistan would have a
government and a constitution chosen by the people. Mankind has reached great
heights by pursuing democratic ideals. Democracy is our polity and all power
belongs to the people.
Madam Speaker!
85. As Shaheed Zulfiqar Ali Bhutto stated, “A new era is emerging in the
political life of the nation. The politicians of Pakistan are facing a crucial new test
as destiny stands at the dawn of a New Year. A new look amid a new style will
have to emerge. The old ways will no longer appeal to the people. A new all-
round approach will have to be found in every facet of politics. The hand must
reach the ground, the eye must perceive the sub-surface movements and the ear be
able to hear the sound of music in the far distance. Crescendos of ‘Zindabad’ and
warm ovations at public meetings are not going to be the final tests of political
acumen.”
86. Pakistan is a rich country in terms of both natural and human resources.
Yet clearly, Pakistan has not fully exploited its potential. In this scenario, the
government will ensure that clearer priorities and pro-poor sectoral programmes
are in place that will provide an appropriate strategic framework to effectively
reduce poverty.
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Madam Speaker!
87. “Let us welcome the sound of bells of another year which is likely to bring
more hope for all than the one that has ended. Time and with it events are moving
faster……But as a new page is being turned in an old book, let us end on a
hopeful note.”
Pakistan Paindabad!
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